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a hefty spike in taxes. beau, a government contractor, and deanna, an office worker, make a combined income of about $60,000. without a deal, their income taxes will rise by roughly $2,400 a year. on top of that, like everyone else earning $110,000 or less, they'll pay higher payroll taxes to pay for social security. with or without a deal, those are set to go up across the board by 2%. and for the martins, that means they'll pay an additional $1,200 a year. income and payroll tax increases combined, the martins are looking at an additional $3,600 in 2013. and it doesn't stop there. without a deal, feeding their 2-month-old baby daughter, grace, could cost the martins a lot more, too. every american faces the potential for a huge jump in milk prices. the farm bill has stalled, and subsidies have been rolled back. without a deal securing that help for farmers, the price of a gallon of milk could shoot up to almost $7 a gallon. families paying the price at the grocery store. >> very alarming numbers here. bian
a hefty spike in taxes. beau, a government contractor, and deanna, an office worker, make a combined income of about $60,000. without a deal, their income taxes will rise by roughly $2,400 a year. on top of that, like everyone else earning $110,000 or less, they'll pay higher payroll taxes to pay for social security. with or without a deal, those are set to go up across the board by 2%. and for the martins, that means they'll pay an additional $1,200 a year. income and payroll tax increases...
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a huge loophole in the estate tax. a very low tax on dividends. and only the very top tax bracket for the wealthiest among us was touched at all. it wasn't the $250,000 level that president obama had said he was fighting for. it was $400,000 plus. there aren't many folks who are at that level and only that top bracket was touched. so if you are very well off in america, you got a very good deal last night but america got a big problem, which is the potential for enduring deficits, structural deficits that undermine the soundness of our future finances. in addition, the bill that we considered last night created some additional fiscal cliffs in the very near future, within two months, within march. and one is that it doesn't address the debt ceiling. now, debt ceiling isn't about what we spend, not about the decisions on what we spend, it's whether or not we're going to pay the bill after the spending has been authorized. it's like saying to yourself, you know, when the credit card bill comes, i'm just not going to pay it. because i shouldn't have
a huge loophole in the estate tax. a very low tax on dividends. and only the very top tax bracket for the wealthiest among us was touched at all. it wasn't the $250,000 level that president obama had said he was fighting for. it was $400,000 plus. there aren't many folks who are at that level and only that top bracket was touched. so if you are very well off in america, you got a very good deal last night but america got a big problem, which is the potential for enduring deficits, structural...
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it will extend tax cause making less than $250,000. and it will extend unemployment benefits for two million people they expire today. president obama announced that no one got everything they wanted and wants the house to pass it. >> we find ourself with a bill that does not reflect financial wisdom but the spirit that per veighs this town. the time to confront this is not now but later, we'll do the right thing then. >> some republicans are suggesting amending the bill that the senate passed and adding spending cuts in that bill. this will have to happen by noon thursday when this congress ends and the new one is sworn in or the whole thing starts over again. the sequestration cuts take effect as the tax cuts -- in fact, they have already taken effect. >> thank you. so what do americans think of the job that congress is doing to solve this fiscal crisis? agoal goal went out to find out. >> they don't think much of what is going on in the building behind me. we crossed the river into virginia and the fact that the fiscal cliff deal is
it will extend tax cause making less than $250,000. and it will extend unemployment benefits for two million people they expire today. president obama announced that no one got everything they wanted and wants the house to pass it. >> we find ourself with a bill that does not reflect financial wisdom but the spirit that per veighs this town. the time to confront this is not now but later, we'll do the right thing then. >> some republicans are suggesting amending the bill that the...
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, anything to raise revenue by taxes, tax cuts. anything they say is going to hurt somebody, and that will be less of boats for them. i agree with the term limits. i believe we should drop the gerrymandering by getting rid of the party affiliations when you fill out your voter registration. if you don't have a party affiliation, they cannot tell who you are going to vote for. thank you for taking my call. >> thank you for calling in this evening. roger from orlando, please go ahead, republican. >> i just want to say we will never get up this fiscal mess until the democrats understand that you cannot spend more money than you have. families have to live with a so does the country. send it back to the senate's and their them not to pass it, and say happy new year. kreps philip and alabama, independent line. good evening -- philip in alabama. >> the people of this country have created this mess we are in. we are the ones that elected yahoos who are sitting there right now, not accomplishing one thing. we should have stayed out of iraq
, anything to raise revenue by taxes, tax cuts. anything they say is going to hurt somebody, and that will be less of boats for them. i agree with the term limits. i believe we should drop the gerrymandering by getting rid of the party affiliations when you fill out your voter registration. if you don't have a party affiliation, they cannot tell who you are going to vote for. thank you for taking my call. >> thank you for calling in this evening. roger from orlando, please go ahead,...
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it's a tax defrl. when speaker pelosi and democrats were in charge, they used the word pay go constantly. in other words, is there an offsetting pay for what you do? president bush's tax cuts were not paid for. they were anticipated to be grown out of. these are not anticipated to be grown out of. cdo has said 3.967. in other words, $4 trillion will be added to the debt over ten years with this tax cut unless we do some spending cuts to help offset it. right now the president's still in a spending mood. we need to get him in a savings mood. >> i want to clarify, you said it was after the new year's and they were partying. are you suggesting that mitch mcconnell and fellow republicans in the senate were drunk when she voted on this last night? >> of course not. i was having a little fun with you, wolf. it was after midnight t was a piece of legislation intended to be passable. not necessarily to be right. and this was in fact something that joe biden found a way to get the art of the possible. send some
it's a tax defrl. when speaker pelosi and democrats were in charge, they used the word pay go constantly. in other words, is there an offsetting pay for what you do? president bush's tax cuts were not paid for. they were anticipated to be grown out of. these are not anticipated to be grown out of. cdo has said 3.967. in other words, $4 trillion will be added to the debt over ten years with this tax cut unless we do some spending cuts to help offset it. right now the president's still in a...
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it set the income threshold at $1 million over which you would be taxed at a higher rate. they wanted to do that because you simply can't beat something with nothing. they wanted to have something to send over to the senate to negotiate with in addition to what they had sent over last summer which was pretty much a nonstarter that they had recognized. that crashed and burned and went down in flames at which point john boehner said, look, it's up to the senate. they can negotiate -- harry reid can negotiate with president obama however they want to work it. they essentially punted and said it's up to you. that didn't go very well. mitch mcconnell the republican leader and harry reid at one point stopped negotiating at about 7:00 on saturday night. on sunday morning mitch mcconnell calls joe biden. they get together, offers are traded back and forth, and presto, voila, they come up with a deal and they put it on the floor and it sets those thresholds at $400,000 and $450,000 and it's passed at 2:00 last night and so it comes to the house republicans who have met all morning.
it set the income threshold at $1 million over which you would be taxed at a higher rate. they wanted to do that because you simply can't beat something with nothing. they wanted to have something to send over to the senate to negotiate with in addition to what they had sent over last summer which was pretty much a nonstarter that they had recognized. that crashed and burned and went down in flames at which point john boehner said, look, it's up to the senate. they can negotiate -- harry reid...
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is the last effort that we had to tax the rich and it's backfired to where it now taxes everybody, or almost everybody. and so it desperately needed -- needed a fix. now we're talking about taxing the rich again. i hope that we can come up with some collective ways that will be certain that the people are rich and that it will last over time instead of just for a few short years. in my area of the world, the biggest thing in that bill was the estate taxes. people in own land in wyoming that they bought maybe at $40 an acre now have land that's worth $2,000 an acre or more, and they haven't figured out how to pay the taxes on these few acres that they were able to scrape together over a period of time if the amount of exemption went down to a million dollars. and that's where we were headed. and at a million dollars, they'd have to sell off part of their ranch, part of their farm in order to be able to pay the taxes when somebody died. all the time that land is making a profit, people are paying the taxes on it. then when they die, they have to pay taxes on something that they would li
is the last effort that we had to tax the rich and it's backfired to where it now taxes everybody, or almost everybody. and so it desperately needed -- needed a fix. now we're talking about taxing the rich again. i hope that we can come up with some collective ways that will be certain that the people are rich and that it will last over time instead of just for a few short years. in my area of the world, the biggest thing in that bill was the estate taxes. people in own land in wyoming that...
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he's never voted to raise taxes. he is opposed to abortion. and republican primary voters there in missouri said hey, this sounds like our kind of guy. so democrats kind of meddled in that primary. they got the candidate that they wanted and he self destructed just as they wanted, making what should have been a tough reelection fight for claire mccaskell kind of a cake walk. >> as the royal mounted miss always say, we always get our money, and claire mccaskill got her man. >>> the president bounced back with two strong showings. here's a memorable line from the third debate that ranked as the number five quote of the year. take a look. >> you mentioned the navy, for example. we had fewer ships than we did in 1916. well, governor, we also have fewer horses and bayonets. because the nature of our military has changed. we have these things called aircraft carriers where planes land on them. we have the ships that go under water, nuclear submarines. >> talk about patronizing. meanwhile, perhaps the most memorable moment from the debates occurred i
he's never voted to raise taxes. he is opposed to abortion. and republican primary voters there in missouri said hey, this sounds like our kind of guy. so democrats kind of meddled in that primary. they got the candidate that they wanted and he self destructed just as they wanted, making what should have been a tough reelection fight for claire mccaskell kind of a cake walk. >> as the royal mounted miss always say, we always get our money, and claire mccaskill got her man. >>>...
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bracket -- tax bracket. i would like to retire someday and to hear that social security and medicare will be affected. we will not have the money to spend on anybody when i retire and these programs will be very adversely affected. host: when the two sides get back to that of for the 113th congress in what people are saying it is round two, senate republicans are saying no debt ceiling increase until president obama and democrats put social security and medicare on the table. what do you think? caller: i do think we should be looking at spending cuts. if we keep in the autumn of programs where they are now, we will not have anything for anyone -- if we keep entitlement programs where they are now, we will not have anything for anyone in a few years. i agree with republicans in that. we do need to protect our country and have the military be the best it can be, but i would say we do not need to give them more money. i think that is one area where i see things differently than our republican colleagues. host:
bracket -- tax bracket. i would like to retire someday and to hear that social security and medicare will be affected. we will not have the money to spend on anybody when i retire and these programs will be very adversely affected. host: when the two sides get back to that of for the 113th congress in what people are saying it is round two, senate republicans are saying no debt ceiling increase until president obama and democrats put social security and medicare on the table. what do you think?...
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to make sure that families in america through the child tax credit, the earned income tax credit, and student loans are stabilized for their planning in the calendar year 2013. the r&d tax credit is extended. there is a lot in this package that's good. there is a lot in this package, i should say, there's a lot that's not addressed at all in this package. we have a debt ceiling crisis pending. we have a sequestration crisis pending. it must be addressed. or it's going to have a huge drag on the united states' economy and in the case of the debt once again revisit the issue of default for the first time in american history. so it's not a perfect package. but it is something that gets us by while he we tackle the larger issues in the next congress. i pray god that next congress is more willing to compromise than this. i yield back. the speaker pro tempore: the gentleman yields back. for what purpose does the gentleman from new york seek recognition? america online to address the house for one minute. the speaker pro tempore: without objection, the gentleman from new york is recognized f
to make sure that families in america through the child tax credit, the earned income tax credit, and student loans are stabilized for their planning in the calendar year 2013. the r&d tax credit is extended. there is a lot in this package that's good. there is a lot in this package, i should say, there's a lot that's not addressed at all in this package. we have a debt ceiling crisis pending. we have a sequestration crisis pending. it must be addressed. or it's going to have a huge drag on...
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estate tax. 10 years ago we passed a bill that phase the out the estate tax. this bill basically brings it back with 40% tax rate but for those out there who have, you know, seniors and their family the exemption now level would be $5 million at the time of death. rick: the amt, alternative minimum tax, that really never been right because it affects more and more americans each and every year. >> right. rick: not americans who were intended to be targeted when this thing was put in place years ago but there is a permanent patch now to fix that. that has to be good news for a lot of folks? >> that is very good news. this is a tax if we hadn't fixed this, rick, we would have been talking about 26, 27 -- 27 million americans paying the alternative minimum tax. we have this debate every 15 years. rick: every year. >> we have to extend the alternative tax to make sure not to hit middle class families. we have permanent fix, indexes for inflation adjustments. i view that as very good news for the midd
estate tax. 10 years ago we passed a bill that phase the out the estate tax. this bill basically brings it back with 40% tax rate but for those out there who have, you know, seniors and their family the exemption now level would be $5 million at the time of death. rick: the amt, alternative minimum tax, that really never been right because it affects more and more americans each and every year. >> right. rick: not americans who were intended to be targeted when this thing was put in place...
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neither party is thrilled did with the destation about the decision regarding income taxes. leaders on both sides of the aisle want time to look over the legislation. house speaker john boehner plan to vote on this deal or an amended version of it sometime today or tomorrow. live in washington, d.c., kyla campbell, ktvu channel 2 news. >>> 8:16. we have new details about a petaluma house fire on sunday where the flames shot several feet into the air. now we're learning that an off- duty firefighter saw the smoke on sunday, went to the house on tampico court and told the people who lived there to get out. two children and an adult were able to get out safely. the fire caused about $00,000 damage. the cause of it is still under investigation. >>> well, you the public you are invited to a meeting next week about closing down a shell avenue fire station in martinez. contra costa fire district officials say people who live in the area will be able to say how they feel about it, also get information on how the closure will affect fire services in the area. county supervisors voted
neither party is thrilled did with the destation about the decision regarding income taxes. leaders on both sides of the aisle want time to look over the legislation. house speaker john boehner plan to vote on this deal or an amended version of it sometime today or tomorrow. live in washington, d.c., kyla campbell, ktvu channel 2 news. >>> 8:16. we have new details about a petaluma house fire on sunday where the flames shot several feet into the air. now we're learning that an off-...
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. >> the temporary agreement keeps income tax rates steady for most americans limiting tax hikes to households making $450,000. >> i think we can say we've done some good for the country. >> president obama encouraged the house to pass it right away. >> if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> this has not been a great start to the new year for hillary clinton. >> she's undergoing treatment for a blood clot in the head between the brain and the skull. >> she didn't have a stroke. she didn't have a seizure. the prognosis is excellent. >>> estimated 1 million people in times square. >> revelers welcomed in the new year with celebrations around the world, 1,000 people in hong kong, spectacular fireworks display over the skies of london. >> i'm saying let's get it on. >> it's so many people making out. >> it's you and me yea! >> all that matters. >> last night was the first new year's eve without the iconic countdown from dick clark. >> most people come and go dick clark was here for generations. >> someone on twitter said
. >> the temporary agreement keeps income tax rates steady for most americans limiting tax hikes to households making $450,000. >> i think we can say we've done some good for the country. >> president obama encouraged the house to pass it right away. >> if there's even one second left before you have to do what you're supposed to do, they will use that last second. >> this has not been a great start to the new year for hillary clinton. >> she's undergoing...
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if you vote for this bill, it's a vote to lower taxes, not raise taxes. it's optics, it's semantics, but it's very important for house republicans. >> it's ridiculous is what it is. >> and we know that a lot of democrats will support this final package. so, nancy pelosi will bring her votes. >> although welch told me he didn't know whether or not he would support it. >> nancy pelosi has signed off on it. it's up to john boehner to deliver his votes and can he do it without amending it, we do not know at this time. >> all right, luke. thank you very much. >> take care. >> we'll see you soon, i'm sure. >> indeed. >>> well, there's already been grumbling about this senate legislation from both sides of the aisle, but texas republican senator kay bailey hutchison says that is the essence of compromise. >> i don't love it, but i think it is a very good job of negotiating where there are some wins and some losses, and it's about even. >> with me now, the agreeos political editor parry bacon and lynn sweet, washington bureau chief for "the chicago sun ti s times
if you vote for this bill, it's a vote to lower taxes, not raise taxes. it's optics, it's semantics, but it's very important for house republicans. >> it's ridiculous is what it is. >> and we know that a lot of democrats will support this final package. so, nancy pelosi will bring her votes. >> although welch told me he didn't know whether or not he would support it. >> nancy pelosi has signed off on it. it's up to john boehner to deliver his votes and can he do it...
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technically everybody's taxes have already gone up. the tax cuts have expired. but if the bill can pass in the house in the next day or two, the tax cuts can be made retroactive. the bill, if it passes, would extend tax cuts for all workers earning under $400,000. it would prevent a big tax hike estates values at less than $5 million and it would extend unemployment benefits set to expire today for some 2 million people. even as they closed in on that deal yesterday, congressional republicans were not happy with what they heard from president obama who held a campaign-style event at the white house. >> i'm going to be president for the next four years, i think. >> reporter: effectively continuing the partisans' bickering we've long seen. >> time to stop the cheerleading and campaigning. >> i know the president enjoys heckling and having pep rallies to get congress to act instead of sitting down and negotiating. >> reporter: now the big new year's test, can it pass in the house? for "good morning america," jonathan karl, abc news, washington. >>> president obama
technically everybody's taxes have already gone up. the tax cuts have expired. but if the bill can pass in the house in the next day or two, the tax cuts can be made retroactive. the bill, if it passes, would extend tax cuts for all workers earning under $400,000. it would prevent a big tax hike estates values at less than $5 million and it would extend unemployment benefits set to expire today for some 2 million people. even as they closed in on that deal yesterday, congressional republicans...
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payroll tax. it also kicked the can down the road on automatic spending cuts for the defense department and domestic programs. they've been postponed for two months. as lee cowan reports, that uncertainty has many business owners worried. >> reporter: jo ann vinute is running the numbers. her payroll is due this week. although she at least now has a hint on what taxes to withhold from her dozen employees, that's only half her worry. unresolved spending cuts are the other. >> it's very uncertain and very unnerving and very -- causes a lot of anxiety and a lot of lack of sleep. >> reporter: she's the president of golden state magnetic. a $2 million a year los angeles company that inspects, cleans and paints high-tech aircraft and aerospace parts. everything from fighter jets to mars rovers. any cuts in defense spending could mean cuts in her business, too. and the waiting has her on a fiscal cliff of her own. what does it do if there's another, you know, month, two months, three months of this? >> i
payroll tax. it also kicked the can down the road on automatic spending cuts for the defense department and domestic programs. they've been postponed for two months. as lee cowan reports, that uncertainty has many business owners worried. >> reporter: jo ann vinute is running the numbers. her payroll is due this week. although she at least now has a hint on what taxes to withhold from her dozen employees, that's only half her worry. unresolved spending cuts are the other. >> it's...
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this means most people's taxes will stay the same and income tax rate also go up but only to the highest earners. unemployment benefits will keep coming for those that have been out of work the longest and spending cuts for government programs and the military will be on hold a couple of months, giving congress more time to figure out how to reduce the deficit with other kinds of changes. that was just the senate working in the middle of the night. the house of representatives comes in today with pressure on them to make a deal as well and to cast a vote. that fiscal cliff has arrived but it looks like a solution is in place. andrea? >> thanks, kelly. your voice sounds a little like mine this morning. >> reporter: indeed. >>> doctors treating secretary of state hillary clinton for a blood clot in her head say they're confident she'll make a full recovery. more from chief science correspondent robert bazell. happy new year, robert. >> reporter: happy new year to you, andrea. the story could be a lot worse. it now appears that hillary clinton was in a dangerous situation, but it's been res
this means most people's taxes will stay the same and income tax rate also go up but only to the highest earners. unemployment benefits will keep coming for those that have been out of work the longest and spending cuts for government programs and the military will be on hold a couple of months, giving congress more time to figure out how to reduce the deficit with other kinds of changes. that was just the senate working in the middle of the night. the house of representatives comes in today...
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there is one tax that will rise for most workers. we're talking about the 2% payroll tax cut that was part of an obama stimulus that was passed two years ago and then extended for another year. in this deal, they're going to let that payroll tax cut expire and that will mean that an additional $20 a week out of most workers paychecks will now go back to the social security trust fund instead of into their pockets. juror all right. thank you -- >> all right. thank you for that report. >>> one major issue is the bill does not address is the debt ceiling. monday, the u.s. reached its legal borrowing limit and now the treasury department must work to buy time until the end of next month. the department will suspend some investments and benefit funds for federal workers. still, department will not be able to pay all of the nation's bills on time. this could set stage for another capitol hill battle as congress must vote to raise the debt ceiling. >> new this morning, gay marriage ceremonies are under way in maryland. same-sex couples have
there is one tax that will rise for most workers. we're talking about the 2% payroll tax cut that was part of an obama stimulus that was passed two years ago and then extended for another year. in this deal, they're going to let that payroll tax cut expire and that will mean that an additional $20 a week out of most workers paychecks will now go back to the social security trust fund instead of into their pockets. juror all right. thank you -- >> all right. thank you for that report....
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this cllss faailies ill wake up their taxes won't go up..." &p democratic senator tom harkin suggested the leeissation missed the marr. sen. tom harkin / d-ia)"...it priority, creating good middle plass jobs now // secondly, this proposal doos not gennrate the revenue necessary forrthe couutry to meet its neees..." republican senate miioritt leader mitch mcconnell says neithee side got everything it wanted.sen. mitch mcconnell (r-ky) / minnrity leader"...so it took pn imperfect solution to prevent our constituents from very reaa financial pain. bbt innmy view, it wassworth the effort..."(anccor tagg the republican-controlled house is exppcted to begin considering the bill later today. a final vote is &pexpected in the next day or two, passaae is not t all certtin. in new york, pattiiann browne, fox neww. it's not just the fiscal to worryyabout the debt ceiling.the u-s reached it's legal borrowing limit of yesterday.the treasury department is taking measures suspending some investments inn workers..ut after that... the treasury will not be able
this cllss faailies ill wake up their taxes won't go up..." &p democratic senator tom harkin suggested the leeissation missed the marr. sen. tom harkin / d-ia)"...it priority, creating good middle plass jobs now // secondly, this proposal doos not gennrate the revenue necessary forrthe couutry to meet its neees..." republican senate miioritt leader mitch mcconnell says neithee side got everything it wanted.sen. mitch mcconnell (r-ky) / minnrity leader"...so it took pn...
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members of both political parties who badly want these middle class taxes rolled back fast hope what the senate did this morning makes it easier for house republicans to follow suit. it was a rare bipartisan vote, 89-8. two hours after america went off the fiscal cliff, vice president biden came to the capitol to sell the fix he worked out with gop leader mitch mcconnell who spoke for senate republicans. >> we don't think taxes should be going up on anyone. but we all knew if we did nothing, they'd be going up on everyone. >> reporter: the senate voted to reverse today's tax hikes on 98% of americans. but to keep the higher rate on families making over $450,000. president obama took credit for breaking 20 years of gop opposition to tax hikes. >> keep in mind that just last month, republicans in congress said they would never agree to raise tax rates on the wealthiest americans. >> reporter: five senate republicans voted no. >> middle class families will wake up today to the assurance their taxes won't go up $2,200 each. >> reporter: not so fast. house speaker john boehner and his gop
members of both political parties who badly want these middle class taxes rolled back fast hope what the senate did this morning makes it easier for house republicans to follow suit. it was a rare bipartisan vote, 89-8. two hours after america went off the fiscal cliff, vice president biden came to the capitol to sell the fix he worked out with gop leader mitch mcconnell who spoke for senate republicans. >> we don't think taxes should be going up on anyone. but we all knew if we did...
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tax. we'll try to get into those details later in the morning. as we've been saying, this really isn't over yet. even for the house votes to approve this deal today, it is really just sort of pushing off to another day, perhaps two months down the road, that bigger fight. again, they do have to decide what to do with the planned $24 billion in spending cuts and that will come right about the time that congress has to deal with yet another bruising debt ceiling battle. >> all right. thank you. >>> why do you think lawmaker waited until last minute? there is a lot of questions surrounding that. we are getting a lot of feedback on our facebook page. >> william have bad hotwood says it was to, quote, act like they are doing something for their already overrated salaries. they do this almost every year. we need to force them to change the way they work us for. share your commends our facebook page. >>> still ahead this new year's morning. >> so, a deal has been reached mentioned in the senate.
tax. we'll try to get into those details later in the morning. as we've been saying, this really isn't over yet. even for the house votes to approve this deal today, it is really just sort of pushing off to another day, perhaps two months down the road, that bigger fight. again, they do have to decide what to do with the planned $24 billion in spending cuts and that will come right about the time that congress has to deal with yet another bruising debt ceiling battle. >> all right. thank...
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now, under the senate deal, there would be tax increases for individuals making $400,000 or more and for families making over $450,000. that's a higher fresh hold than the president had wanted. as for the spending cuts to defense and domestic programs, they would not happen automatically. instead, they would be delayed for two months allowing lawmakers to continue negotiating. while there is renewed optimism that the country will avoid the worst case scenario in all of this, it is not by any stretch a done deal. the house has to approve the compromise. they reconvene at noon today. but it's anybody's guess whether they go along with it. we have to wait and see. reporting live from capitol hill, megan mcgrath. erika, back to you. >> thank you, megan. the treasury department is trying to avert a different financial crisis. it stopped issuing new debt for two government retirement funds. that move will keep the government from reaching the $16.4 trillion borrowing limit, at least for the time being. this won't impact current retirees. secretary of the treasury, t timothy geithner said t
now, under the senate deal, there would be tax increases for individuals making $400,000 or more and for families making over $450,000. that's a higher fresh hold than the president had wanted. as for the spending cuts to defense and domestic programs, they would not happen automatically. instead, they would be delayed for two months allowing lawmakers to continue negotiating. while there is renewed optimism that the country will avoid the worst case scenario in all of this, it is not by any...
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expected to take up a senate measure approved just hours after midnight and it's halting an enormous tax hike for all but the wealthiest of americans from taking effect. nbc's steve handelsman has all the latest details from capitol hill where it's been a very long night. good morning and happy new year to you, steve. >> reporter: bill, thanks. up here on capitol hill, members of both political parties who badly want these middle class taxes rolled back fast, quote, what the senate did this morning makes it easier for house republicans to follow suit. it was a rare bipartisan senate vote. 89-8. two hours after america went off the fiscal cliff. >> happy new year. >> reporter: vice president biden came to the capitol to sell the fix. he worked out with gop leader mitch mcconnell who spoke for senate republicans. >> we don't think taxes should be going up on anyone. but we all knew that if we did nothing they would be going up on everyone. >> reporter: the senate voted to reverse are today's tax hikes on 98% of americans. but to keep the higher rate, on families making over $450,000. presi
expected to take up a senate measure approved just hours after midnight and it's halting an enormous tax hike for all but the wealthiest of americans from taking effect. nbc's steve handelsman has all the latest details from capitol hill where it's been a very long night. good morning and happy new year to you, steve. >> reporter: bill, thanks. up here on capitol hill, members of both political parties who badly want these middle class taxes rolled back fast, quote, what the senate did...
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property taxes gone down. so any time we get an influx of revenue that allows us to provide more services to the county residents. >>> prince george's county expects more than 80,000 people to pack fedex field next sunday for the game. hotels near the stadium already booking up and fans are stocking up on the 'skins gear at the team's fedex field store. >> very nice. congrats again to the 'skins. >>> it's a nice place to be for sure. >> nice to be at the top. it's chilly outside. yesterday i think the winds were picking up. more of a blustery day. meteorologist tom kierein joins us. the mention of snow in the forecast. >> we're starting off 2013 calm and settled. a lot of people good evening or good morning as the case may be. we are starting off with just some clouds. thankfully, we had good travel weather overnight for all of the revelers. there is the wilson bridge under a cloudy sky. right now, reagan national at 39. we've got a light southerly breeze as we get going early on this tuesday morning first day
property taxes gone down. so any time we get an influx of revenue that allows us to provide more services to the county residents. >>> prince george's county expects more than 80,000 people to pack fedex field next sunday for the game. hotels near the stadium already booking up and fans are stocking up on the 'skins gear at the team's fedex field store. >> very nice. congrats again to the 'skins. >>> it's a nice place to be for sure. >> nice to be at the top. it's...
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and i can rrt that we've reached an agreement on all of the tax, the tax issues. >> so, why the delay in the senate vote tonight? according to senate majority leader they still have to get a price tag from congressional budget office. as to the rest of the substance of the bill here is what we know. the measure raising taxes by $600 billion over 10 years compared with policies that expire midnight monday and would delay would two months those spending cuts slashing the budgets of the pentagon and a lot of domestic programs as well. and we've got a lot of other highlights but get down into the weeds and it's virtually unfathomable especially if you've hd a bottle of champagne or two. >> tailor swift just came on the stage behind us. >> is it over? >> base ond what we heard today, her taxes are going up, she's not happy bit. >> doug, god bless you for being here as late as you are. it's not our fault. >> it's true. >> you come back if there is news, okay? thank you. >> okay. >> happy new year to you. >> and people who are staying home now, watching times square on new year's eve, do the
and i can rrt that we've reached an agreement on all of the tax, the tax issues. >> so, why the delay in the senate vote tonight? according to senate majority leader they still have to get a price tag from congressional budget office. as to the rest of the substance of the bill here is what we know. the measure raising taxes by $600 billion over 10 years compared with policies that expire midnight monday and would delay would two months those spending cuts slashing the budgets of the...
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float the idea of a tax increase in his state. well, it's about the need to beef up the military personnel in case civil war breaks out in case president obama got elected. here's jung herks edd on that one. >> i'm thinking worst-case scenario. civil unrest, civil disobedience, civil war, maybe. we're not talking just a few riots here and demonstrations. we're talking lexington, concord, take-up-arms and get rid of the guy. the sheriff, i said are you going to back me? he said yeah, i'll back you. >> that was his idea of the worst-case-scenario. here's iowa u.s. congressman steve king with how president obama's mother managed to convince us all that her son was born in hawaii, not in kenya. >> i looked into that before he was sworn into the presidency. we look sbood the library of congress and we found the microfiche of two newspapers, only two newspapers in hawaii. each of them had published the birth of barack obama. that doesn't mean that there aren't some other explanations on how they might have announced that telegram from k
float the idea of a tax increase in his state. well, it's about the need to beef up the military personnel in case civil war breaks out in case president obama got elected. here's jung herks edd on that one. >> i'm thinking worst-case scenario. civil unrest, civil disobedience, civil war, maybe. we're not talking just a few riots here and demonstrations. we're talking lexington, concord, take-up-arms and get rid of the guy. the sheriff, i said are you going to back me? he said yeah, i'll...
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sequester and tax rates and the estate tax were big parts of it. >> todd is a washington correspondent. think you for your time. >> my pleasure. >> the white house and congress has failed to reach an agreement before the deadline. on tomorrow's "washington journal," we will have more. at 8:0030 eastern, from the washington times, a guest. "washington journal," each morning at 7:00 a.m. eastern. >> anxiety. dread. hopefulness, exaltation, fear. what would happen on january 11863 when the emancipation proclamation was signed. many people spent three months, those 100 days between september 22 in january 1, begging the president, do not do it, do not sign it. retract it. you still have time to step back, and part of what i would like to do is to tell you part of this story, this moment as the nation waited for midnight, december 31. >> tuesday night, january 1, 150 years to the day, a look at "the emancipation proclamation." he is followed by other historians on the debates and controversy surrounding emancipation. part of four days of american history tv on c-span 3. >> in the summer of
sequester and tax rates and the estate tax were big parts of it. >> todd is a washington correspondent. think you for your time. >> my pleasure. >> the white house and congress has failed to reach an agreement before the deadline. on tomorrow's "washington journal," we will have more. at 8:0030 eastern, from the washington times, a guest. "washington journal," each morning at 7:00 a.m. eastern. >> anxiety. dread. hopefulness, exaltation, fear. what...
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congress, with tax hikes and spending cuts. hello. you are watching aljazeera, live from doha. also on the program, bargaining for peace. an effort to end the conflict in afghanistan. a brazen protest in china. activists raid the home of their friend who is being held on house arrest. and ringing in the new year. in spectacular style. we will have a look at celebrations from around the world. welcome to the program. in less than five hours from now, the u.s. is set to fall over the so-called fiscal cliff. congress will not vote by the midnight deadline to avoid spending cuts and tax hikes due on january 1. talks will resume on tuesday. earlier, barack obama said an agreement to avoid this was in sight. >> for now, our most immediate priority is to stop taxes from going up for middle-class families starting tomorrow. i think that is a modest goal that we can accomplish. democrats and republicans in congress have to get this done, but they are not there yet. they are close, but they are not there yet, and one thing we can count on with respect to this congress, if there is even o
congress, with tax hikes and spending cuts. hello. you are watching aljazeera, live from doha. also on the program, bargaining for peace. an effort to end the conflict in afghanistan. a brazen protest in china. activists raid the home of their friend who is being held on house arrest. and ringing in the new year. in spectacular style. we will have a look at celebrations from around the world. welcome to the program. in less than five hours from now, the u.s. is set to fall over the so-called...
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, he wrote the law partner, quote, there's not an acre in 500 here that a man in illinois would pay taxes on, and the people of mexico were far worse, quote, i've never seen a drunken mexican, that's the only good thing i can say, a miserable race, a few intelligent men lording over the rest, three quarters are pee-ons, and many slaves of the south. treachery and stealing are their characteristics and would make a miserable addition to any population of the united states. to another friend, he wrote just a week later that the only difference between the peons of mexico an the slaves of the south is the color, and as for making these peons voters and citizens of the united states, it should not be thought of until we give all indians a vote. these are hardin's thoughts on what's happening in mexico. that transformation occurred after only three months in mexico, and he told a third friend, although i was for annexing all this part of mexico to the united states before i came here, yet i now doubt whether it's worth it. so much for mexico, the people are not better than the country." hardin
, he wrote the law partner, quote, there's not an acre in 500 here that a man in illinois would pay taxes on, and the people of mexico were far worse, quote, i've never seen a drunken mexican, that's the only good thing i can say, a miserable race, a few intelligent men lording over the rest, three quarters are pee-ons, and many slaves of the south. treachery and stealing are their characteristics and would make a miserable addition to any population of the united states. to another friend, he...
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write offs. >> tax write off, which is always helpful. it is really about the spirit of giving. feel fortunate good things happened this year to me. >> today's donate-thon included music, and free zoo passes. for more on how you can give go to www.ktvu.com. >>> they rarely encounter gunfire but they are arming themselves with bullet proof helmets. this equipment is special. >> the court that said today it is a risk that is up to you to take. >>> the president and congress renewed a wire tapping law. allows officials to listen in on over seas phone calls without a warrant. the government can still snoop on americans. the white house said the law provided vital to defending the country -- defending the country from terrorisms. >>> thousands of dollars of safety equipment that regulates alcohol sales. the department bought more than $70,000 worth of bullet resistant helmets and gas masks. they say it is essential to the safety of its agents, even though they are rarely exposed to gunfire. >>> 5 new driving laws go into effect tomorrow. drive
write offs. >> tax write off, which is always helpful. it is really about the spirit of giving. feel fortunate good things happened this year to me. >> today's donate-thon included music, and free zoo passes. for more on how you can give go to www.ktvu.com. >>> they rarely encounter gunfire but they are arming themselves with bullet proof helmets. this equipment is special. >> the court that said today it is a risk that is up to you to take. >>> the president...
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recess: tax breaks are very important to the company and i mention they receive a tax break in that area and it's also a nexus of factors and the result of companies sifting through those factors in some way i don't understand those are some of the factors. they tend to produce functions of these data centers and certain parts of the country. >> host: are these decided by communities to get a data center like a factory opening up in the community? >> guest: it's a mixed bag. i mean you know that is a really good question. i think on the level of town leadership they are very much alike because they do increase the tax base, for example the property taxes being collected in quincy have increased a lot since the first day the senators came in not all because of the data centers but may have attracted other business as well and that is a positive thing. i think with criticism in a place like in quincy when they use powers far more than the town itself and they create a modest number of jobs and that is sort of what goes on locally. the other thing that you see is because data centers, it's
recess: tax breaks are very important to the company and i mention they receive a tax break in that area and it's also a nexus of factors and the result of companies sifting through those factors in some way i don't understand those are some of the factors. they tend to produce functions of these data centers and certain parts of the country. >> host: are these decided by communities to get a data center like a factory opening up in the community? >> guest: it's a mixed bag. i mean...
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they were close to an agreement on the tax side that would avert tax rises before the vast majority of americans at midnight here tonight. what they are still talking about is the spending side. the question is what happens -- do they get deferred or delayed? still arguing over that period there is optimism the deal is emerging that if we do get it, remembering everything that is agreed has to be approved by the house and senate. there is certainly some suggestions that the house of representatives might not vote on something tonight. >> we will keep you up-to-date with the fiscal cliff situation over the next few hours. we showed you athens a few minutes ago and the fireworks displays around the world have been heralding the start of the new year. north korea has joined other countries in having a pyrotechnics display. australia, china and russia are well into 2013. we are tracking the celebrations. >> residents in samoa were among the first to welcome 2013. these to be the last but a year ago, they jumped to the west of the international dateline. the spectacular start to the new yea
they were close to an agreement on the tax side that would avert tax rises before the vast majority of americans at midnight here tonight. what they are still talking about is the spending side. the question is what happens -- do they get deferred or delayed? still arguing over that period there is optimism the deal is emerging that if we do get it, remembering everything that is agreed has to be approved by the house and senate. there is certainly some suggestions that the house of...
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. >> i can report that we've reached an agreement on all of the tax -- the tax -- issues. >> reporter: first and foremost, the bush era tax cuts. the two sides agreed to extend them permanently for all household income under $400,000 a year for individuals, $450,000 a year for families. negotiators also agreed to prevent the al tesh tiff minimum tax on the wealthy from hitting millions of middle class families every year by permanently adjusting it to inflation. and they agreed to hike the estate tax rate from 35% to 40%, but the first $5 million worth of inheritance would be exempt from taxation permanently. the breakthugh prompted relief for many, including connecticut senator joe lieber man. >> i hope the negotiations going on now end with an agreement and i hope that we will pass it with bipartisan majority in theong senate and the house. >> reporter: but others, chiefly republicans, were angry that the deal did not include a serious package of spending cuts and might actually add to the deficit. tennessee senator bob corker. >> everybody on this body knows we've done nothing -- n
. >> i can report that we've reached an agreement on all of the tax -- the tax -- issues. >> reporter: first and foremost, the bush era tax cuts. the two sides agreed to extend them permanently for all household income under $400,000 a year for individuals, $450,000 a year for families. negotiators also agreed to prevent the al tesh tiff minimum tax on the wealthy from hitting millions of middle class families every year by permanently adjusting it to inflation. and they agreed to...
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they were close to an agreement on the tax side that would avert tax rises before the vast majority of americans at midnight here tonight. what they are still talking about is the spending side. the question is what happens -- do they get deferred or delayed? still arguing over that period there is optimism the deal is emerging that if we do get it, remembering everything that is agreed has to be approved by the house and senate. there is certainly some suggestions that the house of representatives might not vote on something tonight. >> we will keep you up-to-date with the fiscal cliff situation over the next few hours. we showed you athens a few minutes ago and the fireworks displays around the world have been heralding the start of the new year. north korea has joined other countries in having a pyrotechnics display. australia, china and russia are well into 2013. we are tracking the celebrations. >> residents in samoa were among the first to welcome 2013. these to be the last but a year ago, they jumped to the west of the international dateline. the spectacular start to the new yea
they were close to an agreement on the tax side that would avert tax rises before the vast majority of americans at midnight here tonight. what they are still talking about is the spending side. the question is what happens -- do they get deferred or delayed? still arguing over that period there is optimism the deal is emerging that if we do get it, remembering everything that is agreed has to be approved by the house and senate. there is certainly some suggestions that the house of...
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i pay taxes. i pay more taxes at citibank. i am here because we are against the separation of families, against all of the discrimination that this society is making against our community. >> this is democracy now!'s look back at 2012. to get a copy of the show, go to our website, democracynow.org. we will be back in a minute. know" by the beastie boys. this is democracy now!, democracynow.org, the war and peace report. i'm amy goodman. we look back at 2012. >> return to our guest of the discussion and debate about president obama's speech and record. >> of course, it may be true, as mr. ford has indicated, but the truth is obama is as progressive a figure who has the chance of being elected in america. friedrich engels will not be the secretary of labor and mark will not be the secretary of the treasury. >> he is the more effective evil because he is able, being a democrat, to accomplish more of that right-wing agenda, and republican ever could. george bush tried to privatize social security. he cut his worst domestic defeat
i pay taxes. i pay more taxes at citibank. i am here because we are against the separation of families, against all of the discrimination that this society is making against our community. >> this is democracy now!'s look back at 2012. to get a copy of the show, go to our website, democracynow.org. we will be back in a minute. know" by the beastie boys. this is democracy now!, democracynow.org, the war and peace report. i'm amy goodman. we look back at 2012. >> return to our...
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we all understand we've got to reform our tax code. it's difficult to do that when you have to produce revenue at the same time. because people are looking at trying do something about rates. if you need the revenue, you need the revenue for the deficit-reduction package, it's going to be more difficult. my point is this: i am disappointed we haven't gotten our work done well before tonight, but it's you are urgent that we -- it's urgent that we work together, democrats and republicans, and get the minimum amount done that the american people expect. that to make sure that tax rates don't go up for middle-income families. we can get that done as early as tonight. we should avoid the immediate sequestration order because that makes no sense, these across-the-board cuts, and figure out a way that we could have a much more orderly process for reducing government spending. we should make sure that medicare is not jeopardized by the -- by not having the physician fix done for -- in this compromise, make sure the people with unemployment ins
we all understand we've got to reform our tax code. it's difficult to do that when you have to produce revenue at the same time. because people are looking at trying do something about rates. if you need the revenue, you need the revenue for the deficit-reduction package, it's going to be more difficult. my point is this: i am disappointed we haven't gotten our work done well before tonight, but it's you are urgent that we -- it's urgent that we work together, democrats and republicans, and get...
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almost every family that pays taxes now will pay higher taxes. people's jobs will immediately be put in jeopardy, unemployment compensation will end for more than 2 million people, our defenses will be decimated by cuts that will put us in a position of accepting really unacceptable risks to our security, title 1 programs of education for low-income children will be cut dramatically, most people, including the congressional budget office, our own congressional budget office, say that the combination of tax increases along with the decreased spending required under the budget control act will push our economy back into recession in the new year. so i don't agree that no deal is better than a bad deal. in this case, i repeat, no deal is the worst deal because it allows our country to go over the fiscal cliff and really hurts almost every american family in our country, in our economy, as a whole. this shouldn't be a surprise to us. it's not as if, if i could use the metaphor, that congress was going along in a bus and -- on a ride through the count
almost every family that pays taxes now will pay higher taxes. people's jobs will immediately be put in jeopardy, unemployment compensation will end for more than 2 million people, our defenses will be decimated by cuts that will put us in a position of accepting really unacceptable risks to our security, title 1 programs of education for low-income children will be cut dramatically, most people, including the congressional budget office, our own congressional budget office, say that the...
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-- the tax issues. we are very, very close. as the president just said, the most important piece, the piece that has to be done now, is preventing the tax hikes. >> in just the last hour, the president said a deal is, quote, within sight and that he himself is willing to make the hard choices to avoid $600 billion in automatic spending cuts and tax hikes. wolf blitzer joining me now. wolf, you've been with these kinds of negotiations before. when you look at this thing, do you think the can is just getting kicked down the road? in some ways it seems we're only getting a down payment here if that on the bigger issue of deficit reduction. >> and you're absolutely right, joe. the president himself acknowledged that he wanted a big deal, a big picture deal if you will, couldn't achieve that with the leadership in congress. so they're going to do it in stages. they're going to do it in various parts. they are kicking some very sensitive issues down the road over the next few months. the republicans are happy
-- the tax issues. we are very, very close. as the president just said, the most important piece, the piece that has to be done now, is preventing the tax hikes. >> in just the last hour, the president said a deal is, quote, within sight and that he himself is willing to make the hard choices to avoid $600 billion in automatic spending cuts and tax hikes. wolf blitzer joining me now. wolf, you've been with these kinds of negotiations before. when you look at this thing, do you think the...
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tax. we are hearing that in the talks on the fiscal cliff there may be a permanent fix to the alternative minimum tax. so it protects the middle class from his alternative tax system which basically was even nactd 1969 so the rich pay some kind of tax. but it's not indeksd to inflation every year. congress has to enact a patch to that. but without it h ann r block is putting out a warning say 28 million of you would have to pay the alternative minimum tax. it's $86 billion. h & r block says if you are expect a tax refund next april if you make $85,000 and you have got two kids. with this tax your refund check could turn into a $1,400 tax bill. but even without the fiscal cliff deal, here is what people's tax rates would look like if there was no deal. you will see the income levels to the left, the current tax bill owed and if the fiscal cliff hits you can see the increase there. the difference is pretty substantial. even down to the $250,000. separate from all this, in health reform we ar
tax. we are hearing that in the talks on the fiscal cliff there may be a permanent fix to the alternative minimum tax. so it protects the middle class from his alternative tax system which basically was even nactd 1969 so the rich pay some kind of tax. but it's not indeksd to inflation every year. congress has to enact a patch to that. but without it h ann r block is putting out a warning say 28 million of you would have to pay the alternative minimum tax. it's $86 billion. h & r block says...
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about extending the tax cuts in 2010 and the payroll tax cut in 2011. at last minute the politicians, with a deal that makes the deficit worse-- and come up with a deal that makes the deficit worse. the real test will been when they can do their jobs and make the hard choices and confront very dangerous debt levels that we currently have in this country that are part of the reason the economy is not growing. it's those hard choices that will be the real test of bipartisanship and the ability to govern. you: let's share with yesterday how things unfolded. senator john thune spoke with reporters midday yesterday on capitol hill. [video clip] >> those conversations and discussions continue. we remain hopeful that will get a breakthrough. what happened between the two leaders in the senate had broken down, because the senate democrats failed to come forward with a counteroffer to the proposal republicans made last night. host: a late word from "politico" from republican leader mitch mcconnell. let me read to you a story that he and the vice president engage
about extending the tax cuts in 2010 and the payroll tax cut in 2011. at last minute the politicians, with a deal that makes the deficit worse-- and come up with a deal that makes the deficit worse. the real test will been when they can do their jobs and make the hard choices and confront very dangerous debt levels that we currently have in this country that are part of the reason the economy is not growing. it's those hard choices that will be the real test of bipartisanship and the ability to...
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tax rates go up on everybody on january the 2nd. everybody in the country will get a tax increase. we are going over the fiscal cliff. it will destroy our military. the first things first, let's avoid going over over the cliff. there is a deal to be had somewhere between 400,000 and 500,000 on rates. let's make sure sure we put it and the deficit. you better hope that democrats and republicans say we are not going to borrow any more money. that means adjusting the age or medicare. means testing for medicare and social security and cpi adjustments for the rate of inflation. that's what i want to raise the debt ceiling. in august 2nd of this past year 2011 we borrowed $2.1 trillion the last time we raised the debt ceiling and we've gone through that money in 17 months. we are burning money up here and it has to stop. uma: some folks are saying, why not just go over the cliff and let the country deal with it as the chips fall on that one, because some believe it's the only way to force president obama and the senate democrats to agree on fundamental tax reform. what do you think about
tax rates go up on everybody on january the 2nd. everybody in the country will get a tax increase. we are going over the fiscal cliff. it will destroy our military. the first things first, let's avoid going over over the cliff. there is a deal to be had somewhere between 400,000 and 500,000 on rates. let's make sure sure we put it and the deficit. you better hope that democrats and republicans say we are not going to borrow any more money. that means adjusting the age or medicare. means testing...